With M mode, you inherently can do what the EC does (for automation modes Av and Tv) simply by not aligning the 'needle' to be centered on the scale in the viewfinder!!!
As for 'too dynamic a situation'... if the sun is out and there are no clouds in the sky, or if the sun it always behind overcast sky, the LIGHT IS NOT CHANGING. You meter indicates when a white jersey or a black jersey runs in/out of the frame, but the LIGHT IS NOT CHANGING, so there is absolutely ZERO need to alter exposure. Just because a black jersey reflects less light to the in-camera meter, and a white jersey reflects more light to the in-camera meter, does NOT mean that light falling upon the scene (and the necessary exposure setting) is changing, too.
Mr. Ipsum could easily have used M mode for his whale watching shooting...it the clouds were unbroken overhead, the light falling upon the scene was not changing...only the amount of sky vs. water was changing (affecting the reflected light), but not the amount of illumination (not affecting the incident light).
If the sun is playing hide and seek constantly due to broken cloud cover, THEN the light IS changing, and an automated mode (Av or Tv or Auto ISO) can be handy for keeping up with the perpetual changes in light which falls onto the scene.
I understand the ETTR concept in manual mode. If all anyone did was chase the needle, auto iso would be all we'd need, whereas manual mode allows us to shift as we please. You make an interesting point about light consistency. I'm not sure if I'd need the same iso at 70 as I do at 200, but it makes me wonder. Worth some experimentation on my end.

